Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536099 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #380 on: April 27, 2020, 10:18:20 AM »
Nice! I'm Still Waiting

Hopefully soon
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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #381 on: April 27, 2020, 10:19:39 AM »
Kabbage.com application didn't allow putting 0 employees.

As far as I remember I did. Spoke to somebody at EU, he said if you’re worried just make a new app.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #382 on: April 27, 2020, 10:20:17 AM »
Nice! I'm Still Waiting
I don't think it makes a difference. It seems pretty random these payouts
Same here..... They gave a tracking number after filling out application but no where to search or call for the status...

Applied 4/2
You can say what you think when you think what you say.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #383 on: April 27, 2020, 10:29:23 AM »

What type of business did you guys put in as?

Self employed? Maybe thats why you are getting even though 0 employees. I put in S Corp and 0 employees.
I put in self-employed.
I do know others that applied same day with same type info and haven't received funds yet.

Online aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #384 on: April 27, 2020, 01:33:36 PM »
My status with Chase is submitted to SBA.
Feelings don't care about your facts

Offline Rivky

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #385 on: April 27, 2020, 02:41:59 PM »
When are new applications for EIDL opening up?

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #386 on: April 27, 2020, 02:46:29 PM »
My status with Chase is submitted to SBA.
Where do you see that?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Online aygart

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #387 on: April 27, 2020, 02:54:58 PM »
Where do you see that?
In the email confirming that they received the application there is a link for application status
Feelings don't care about your facts

Online mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #388 on: April 27, 2020, 03:10:20 PM »
Where do you see that?

log in to Chase on a desktop
You should see it on the right

Online mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #389 on: April 27, 2020, 03:14:00 PM »

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #390 on: April 27, 2020, 07:46:42 PM »
 On Chase When I check status it says waiting for SBA Approval, does that mean that they submitted my app to SBA? I don't see their STAGES anymore.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #391 on: April 27, 2020, 07:58:36 PM »
On Chase When I check status it says waiting for SBA Approval, does that mean that they submitted my app to SBA? I don't see their STAGES anymore.
Yes
#TYH

Online mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #392 on: April 27, 2020, 08:05:18 PM »
On Chase When I check status it says waiting for SBA Approval, does that mean that they submitted my app to SBA? I don't see their STAGES anymore.

I'm not sure that means it was submitted. It means it's ready to get submitted



This I got from PayPal

Thank you for submitting your application for the Paycheck Protection Program loan through PayPal.

Additional program funding allocated by the US Government for the Paycheck Protection Program became available on Monday, April 27. However, the SBA is limiting the number of applications that each provider can process through the SBA to only a few hundred per hour.

Your application is complete and is in line to be processed through the SBA as soon as we are able. Given the SBA application processing volume controls, we anticipate that it will take several days for us to process completed applications through the SBA and to receive the required SBA loan numbers in order to proceed with funding.

We will communicate updates through email. Our contact centers do not have access to the status of your loan, so they will be unable to provide any updates if you call.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #393 on: April 27, 2020, 08:05:24 PM »
Thank you for submitting your application for the Paycheck Protection Program loan through PayPal.

Additional program funding allocated by the US Government for the Paycheck Protection Program became available on Monday, April 27. However, the SBA is limiting the number of applications that each provider can process through the SBA to only a few hundred per hour.

Your application is complete and is in line to be processed through the SBA as soon as we are able. Given the SBA application processing volume controls, we anticipate that it will take several days for us to process completed applications through the SBA and to receive the required SBA loan numbers in order to proceed with funding.

We will communicate updates through email. Our contact centers do not have access to the status of your loan, so they will be unable to provide any updates if you call.

Sincerely,

The PayPal Paycheck Protection Program Loan Team


Offline moko

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #394 on: April 27, 2020, 08:15:43 PM »
Quote from: Roth & Co
On Friday, April 24th, President Trump signed a new bill providing a much-needed, additional $310 billion into the lending programs designed by the CARES act. Of the $310 billion, $60 billion is to replenish the Economic Injury Disaster Loan program, and $250 billion for the Paycheck Protection Program loans, with $60 billion set aside for community banks and community development financial institutions (CDFIs). While the initial round of funding under the CARES Act of $349 billion lasted for about a week before it dried up, this round is projected to last for just four to six days. Here’s what you need to know for a chance to receive these benefits:

PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS

We covered the Paycheck Protection Loan Program in detail in this article. Below is important additional information.

Hopefully, you have either made it through the mad-dash for the funds and had your loan approved or will get funded in this next round. With that in mind, here are our recommendations, based on currently known information, that gives you best the chance for maximum PPP loan forgiveness.

KEEP CLEAR RECORDS
We recommend using a separate bank account for the PPP funds to create an easy accounting trail. Maintain documents verifying the number of full-time equivalent employees on payroll as well as their salaries/wages for the period during which the loan was used to pay them. This could include payroll reports from a payroll provider, payroll tax filings, income/payroll/unemployment insurance filings from your state and paperwork that verifies retirement and health insurance contributions. In addition, have documents available that show payments of mortgage interest, rent and utilities.

MAKE NOTE OF THE TIMELINE
Funds must be spent within 8 weeks of receiving them. At the end of this 8-week period, you can apply for forgiveness through your bank.

ALLOCATE THE FUNDS CORRECTLY
At least 75% of the funds need to be used for payroll costs, with the maximum annual salary of $100k per employee. Forgiveness appears to be calculated on a cash-basis, which means accrued payroll due after the 8-week period will not qualify. This does not include the employer’s share of social security taxes. The IRS has agreed to defer the 6.2% employer share owed as of March 27, 2020, though the date on which the lender issues a decision on loan forgiveness.
The remaining 25% of the funds can be used for rent, mortgage interest (but not prepayments or payments towards the principal), utilities, continuation of healthcare benefits for those on leave, and interest payments on any debt obligation incurred before February 15th, 2020.

LOAN FORGIVENESS REDUCTION
To maintain 100% forgiveness, you will need to either keep your payroll as it was before February 15th, 2020 or during the same period in 2019, or hire back all laid-off employees, and undo wage reductions by the end of the PPP "covered period" on June 30th. The total amount forgiven will be reduced in proportion to the reduction in head-count, or wages decreased by more than 25%.

ECONOMIC INJURY DISASTER LOAN PROGRAM
The SBA will directly provide loans up to $2 million to small businesses and non-profits that have been severely impacted by COVID-19. An additional $60B has been made available in this last round. This is a good option for businesses with high non-payroll expenses. Here is how it works:

Interest rates are 2.75% for nonprofits and 3.75% for businesses, with a maximum term of 30 years.
Loans over $200,000 must be guaranteed by an owner with at least 20% interest in the company. We expect this requirement to be waived for schools.
Eligible businesses can request an advanced grant up to $10,000, calculated at $1,000 per employee. This grant does not need to be paid back, even if your organization is denied the EIDL loan. Note that if you get an EIDL advance, and later apply for a PPP loan, the EIDL will be subtracted from the amount that gets forgiven.
You can apply for this loan directly from SBA.gov

Note: At this moment the SBA is not accepting new applications and are only processing applications that were already submitted.

MAIN STREET LENDING PROGRAM
The Main Street Lending Program, an additional program created by the Federal Reserve, is a great alternative to the SBA programs which are running low in funds. This $600B program is designed to help banks give money more freely to businesses in need of a loan by purchasing a large portion of the loan from the bank, freeing the banks of most of the risk. The Federal Reserve will buy up to 95% of the loan from the bank, leaving just 5% with the bank that originated the loan. Here is how it works:

The program is available to all businesses with fewer than 10,000 employees or with revenues of less than $2.5 billion.
The term of these loans is four years, and loan amounts generally range between $1 million and $25 million. The loan amount is calculated as 4x earnings before interest, taxes, depreciation and amortization (EBITDA) less any debt. The minimum loan amount in $1 million.
Interest rates on these loans will be anywhere from 2.5% to 4%, with a repayment term of four years.
These loans cannot be used to pay off any other existing debt.
Once you have a loan, there are several requirements you must meet. First, all efforts must be made to maintain payroll and retain workers through the pandemic and economic crisis. Second, you must meet all compensation, stock repurchase and dividend restrictions that apply to direct loans under the CARES Act. Finally, there are several salary restrictions for employees or officers making more than $425,000.
This loan is available through your bank or local lender, and you are still eligible if you have made use of other SBA loans, such as the PPP.

We will continue to keep you informed as information becomes available. Please don’t hesitate to contact us with questions or concerns.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any specific legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #395 on: April 27, 2020, 09:10:26 PM »
In order to ensure an orderly processing of applications from banks across the country, the SBA has “throttled” submissions for all banks (regardless of size) to a maximum of 350 applications per hour per bank. Because all banks are experiencing the same issue, we expect that funds will remain available for multiple days of submissions

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #396 on: April 27, 2020, 09:10:48 PM »
In order to ensure an orderly processing of applications from banks across the country, the SBA has “throttled” submissions for all banks (regardless of size) to a maximum of 350 applications per hour per bank. Because all banks are experiencing the same issue, we expect that funds will remain available for multiple days of submissions
Form a bank to its customers

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #397 on: April 27, 2020, 09:43:00 PM »
On Chase When I check status it says waiting for SBA Approval, does that mean that they submitted my app to SBA? I don't see their STAGES anymore.

No. Right after that it says "We ... are ready to send your application to the SBA"

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #398 on: April 27, 2020, 09:43:28 PM »
My status with Chase is submitted to SBA.

When did you apply?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #399 on: April 27, 2020, 10:03:22 PM »
In order to ensure an orderly processing of applications from banks across the country, the SBA has “throttled” submissions for all banks (regardless of size) to a maximum of 350 applications per hour per bank. Because all banks are experiencing the same issue, we expect that funds will remain available for multiple days of submissions

This essentially means that people applying now with Chase won’t get anything. Chase can only process 8,400 applications a day, and they probably have a backlog of a gazillion to put through.

My guess is it’s a waste of time to apply now unless it’s with a small bank that can push it through quickly. Anyone know of any such banks accepting applications from non-customers? I want to hedge my bets.
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